Raymond James Financial Inc. Purchases New Position in MGIC Investment Co. (NYSE:MTG)

Raymond James Financial Inc. bought a new stake in MGIC Investment Co. (NYSE:MTG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 73,377 shares of the insurance provider's stock, valued at approximately $1,740,000.

Several other hedge funds also recently bought and sold shares of the company. UMB Bank n.a. grew its stake in shares of MGIC Investment by 131.9% in the 4th quarter. UMB Bank n.a. now owns 1,649 shares of the insurance provider's stock valued at $39,000 after buying an additional 938 shares in the last quarter. Venturi Wealth Management LLC grew its position in MGIC Investment by 102.1% in the fourth quarter. Venturi Wealth Management LLC now owns 1,817 shares of the insurance provider's stock worth $43,000 after acquiring an additional 918 shares in the last quarter. V Square Quantitative Management LLC increased its stake in shares of MGIC Investment by 61.9% during the 4th quarter. V Square Quantitative Management LLC now owns 2,077 shares of the insurance provider's stock worth $49,000 after purchasing an additional 794 shares during the last quarter. Savant Capital LLC raised its holdings in shares of MGIC Investment by 11.8% during the 4th quarter. Savant Capital LLC now owns 8,857 shares of the insurance provider's stock valued at $210,000 after purchasing an additional 933 shares in the last quarter. Finally, US Bancorp DE lifted its stake in shares of MGIC Investment by 6.2% in the 4th quarter. US Bancorp DE now owns 10,249 shares of the insurance provider's stock valued at $243,000 after purchasing an additional 600 shares during the last quarter. 95.58% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Several research firms have commented on MTG. Keefe, Bruyette & Woods lowered their target price on shares of MGIC Investment from $29.00 to $28.00 and set a "market perform" rating on the stock in a research report on Wednesday, January 8th. UBS Group raised their price objective on MGIC Investment from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Wednesday, February 19th. Bank of America lowered MGIC Investment from a "buy" rating to an "underperform" rating and reduced their target price for the stock from $26.00 to $25.00 in a report on Monday, December 9th. Compass Point reiterated a "neutral" rating and set a $27.00 price target (up previously from $24.00) on shares of MGIC Investment in a report on Wednesday, February 5th. Finally, Barclays upped their price objective on shares of MGIC Investment from $25.00 to $26.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, MGIC Investment has a consensus rating of "Hold" and a consensus price target of $26.75.

MGIC Investment Stock Performance

NYSE:MTG traded down $1.10 during trading hours on Friday, hitting $23.22. 992,759 shares of the company traded hands, compared to its average volume of 1,782,098. The company has a current ratio of 0.48, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 7.97 and a beta of 1.28. The firm has a 50-day moving average of $24.37 and a 200 day moving average of $24.68. MGIC Investment Co. has a twelve month low of $19.26 and a twelve month high of $26.56.

MGIC Investment (NYSE:MTG - Get Free Report) last released its earnings results on Monday, February 3rd. The insurance provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.07. MGIC Investment had a net margin of 63.18% and a return on equity of 14.86%. On average, analysts forecast that MGIC Investment Co. will post 2.71 EPS for the current year.

MGIC Investment Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Tuesday, February 18th were paid a dividend of $0.13 per share. The ex-dividend date was Tuesday, February 18th. This represents a $0.52 dividend on an annualized basis and a yield of 2.24%. MGIC Investment's dividend payout ratio is currently 17.93%.

Insider Buying and Selling at MGIC Investment

In other news, CAO Julie K. Sperber sold 4,600 shares of MGIC Investment stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $24.55, for a total transaction of $112,930.00. Following the sale, the chief accounting officer now directly owns 75,070 shares in the company, valued at approximately $1,842,968.50. The trade was a 5.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.05% of the company's stock.

MGIC Investment Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.